The Singapore-based Crypto.com digital currency exchange will pay $216 million to take over IG Group’s stake in the North American Derivatives Exchange and in Small Exchange, a futures platform for retail traders, the Financial Times reported. Both exchanges will be folded into the Crypto.com organization but both CEOs will remain in place, the company said....
Tag: dec 7 2021
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SEC PUSH TO REGULATE CRYPTO
Speaking together at last week’s Digital Asset Compliance and Market Integrity Summit, two chairs of the U.S. Securities and Exchange Commission (SEC) agreed that cryptocurrencies should fall under federal regulations. Jay Clayton, SEC chair in the Trump administration, interviewed current chair Gary Gensler. When Clayton asked Gensler if the SEC plans to regulate crypto, Gensler...
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VENTURE CAPITALISTS PILE ONTO CRYPTO CRAZE
Venture capitalists have plowed more than $27 billion worldwide into cryptocurrency-related start-ups this year as of 1 December, more than in the entire previous 10 years combined, according to data service Pitchbook. Much of the funding has come from the investment arms of crypto companies themselves, whose success depends on the crypto ecosystem continuing to...
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BIGS GET BIGGER: THE AMAZON JUNGLE
Since 2019, Amazon has nearly doubled its fulfillment infrastructure, adding more than 450 distribution centers across the U.S., according to logistics consulting firm MWPVL International, as the world’s largest retailer aims to deliver all U.S. orders within a day. Amazon now has at least 930 such centers across the country, The Wall Street Journal reported....
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CITIGROUP GOES CHINESE
U.S. banking giant Citigroup has applied to the China Securities and Regulatory Commission for a license to sell securities and will apply in the next few months for a license to operate a futures market, The Wall Street Journal reported. The company also plans to hire about 100 people over the next two years to...
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NISSAN BETS BIG ON EV FUTURE
Hoping to compete once again as a leader in electric vehicle technology and sales, Japan’s Nissan Motor Co. has announced a commitment of about $17.7 billion to “democratize” electric vehicle (EV) ownership. The plan, dubbed Nissan Ambition 2030, calls for 75 percent of the company’s European sales to be in EVs by fiscal 2026 and...
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INDIA’S CONSUMER SPENDING DOWN
India’s GDP grew 8.4 percent during the three months ending 30 September, The Wall Street Journal reported, compared with the same period in 2020. Although the nation’s economy is recovering from the COVID lockdown, job losses during the shutdown are hobbling consumer spending and creating a drag on economic growth, the WSJ noted. TRENDPOST: The...
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SPOTLIGHT: METAVERSE
MORE COMPANIES CREATE, INHABIT VIRTUAL WORLDS Mexican Grill, Verizon, and Vans, which sells skateboarding gear, are among the businesses creating and populating their own virtual worlds in the metaverse in attempts to engage customers and sharpen brand identity, The Wall Street Journal reported. Vans has created an online skatepark where boarders’ avatars can show their...
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SAUDIS CUT OIL DEAL WITH BIDEN
After U.S. president Joe Biden announced he would release 50 million barrels from the country’s strategic oil reserve to cut gasoline prices, the Organization of Petroleum Exporting Countries and its affiliates (OPEC+) said the move would prompt it to consider abandoning its plan to boost production by 400,000 barrels a day. Last week, after a...
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DRAGFLATION DRAGGING DOWN BRAZIL
Brazil’s economy contracted 0.1 percent in this year’s third quarter, following a 0.4-percent contraction in the second, marking a recession. A recession is defined as two consecutive quarters of economic contraction. At the same time, Brazil’s inflation rate has passed 11 percent, cutting real wages by 4 percent, government data shows. As Trends Journal readers...